Claim under LIC’s Marriage Endowment/Educational Annuity with profits plan (Table no. - 90)?

[Shikha Sharma]

My father had taken LIC’s Marriage Endowment/Educational Annuity with profits plan (Table no. - 90) in 1998 for a period of 15 years. My father had expired on 24.12.2010. Please guide me - Do I claim the above policy?

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[v.r.s.nathan]

As per LIC India website -

In case of early death of the policy holder the nominee will not get the S.A. and bonus immediately. Future premium are not payable after death of the policyholder the S.A. with bonus is payable only after the expiry of the term. But in case of death caused by an accident, S.A. will be paid to the nominee immediately.
At the maturity of the policy the policyholder can exercise option to take for the amount in lump sum or a convenient term can be chosen which can be used for future education of dependents.

[Rahul]

My father had taken LIC’s Marriage Endowment/Educational Annuity with profits plan (Table no. - 90) in 1998 for a period of 15 years. My father had expired on 24.12.2010. Please guide me - Do I claim the above policy?

The claim is payable under above plan only at the time of maturity or in case of accidental death case. Example: Mr. Mukesh Kumar has a 3 years old daughter Manisha. he opts for marriage endowment plan for Rs.2lac for 20 years, so that his daughter can be married around 23 years of age. But after 8 years his death occurs. Her nominee needs not to be worried about the premium of this plan. When his daughter Manisha attains the age of 23 years, she will get Rs.3,80,000/- (basic S.A. Rs.2 lac + bonus as per bonus rate of 2005 i.e. Rs.45/- per annum for 20 years which come out be to Rs.1,80,000/-).

[quo1]

thanks rahul i am also searching that.. you really short out my problem. well that is so informative thread.